First Alliance Completes $73 Million Securitization.IRVINE, Calif.--(BUSINESS WIRE)--March 13, 1997--First Alliance Corp. (NASDAQ NASDAQ
in full National Association of Securities Dealers Automated Quotations
U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :FACO FACO Final Assembly and Check Out
FACO Fellow, American Chiropractic Orthopedists
FACO Fabrication, Assembly & Check Out ) announced today that it has priced its first quarter securitization through its wholly owned subsidiary Wholly Owned Subsidiary
A subsidiary whose parent company owns 100% of its common stock.
In other words, the parent company owns the company outright and there are no minority owners. First Alliance Mortgage Company.
First Alliance Mortgage Company expects to close the transaction on March 27, 1997. This transaction, FAMLT 1997-1, totals $73 million and is backed by fixed and adjustable rate home equity loans. The securitization has a two class pass-through structure and was lead managed by Prudential Securities Inc., with Lehman Brothers acting as co-manager.
The certificates are expected to be rated triple-A by Moody's Investors Service Moody's Investors Service
A leading global credit rating, research and risk analysis firm.
Moody's Investors Service
A leading firm engaged in credit rating, risk analysis, and research of fixed-income securities and their issuers. Inc. and Standard & Poors Rating Service, based on insurance agreements provided by MBIA MBIA Montana Building Industry Association
MBIA Municipal Bond Insurance Association
MBIA Michigan Boating Industries Association
MBIA Municipal Bond Investors Assurance
MBIA Massachusetts Brain Injury Association
MBIA Maryland Business Incubation Association Insurance Corp.
The $24.5 million Class A-1 bond is backed by fixed rate loans and priced at a spread of 86 basis points over the 6.313% Treasury note due in September of 2000. The $48.5 million Class A-2 bond is backed by adjustable rate loans and priced at 22 basis points over one-month LIBOR LIBOR
See: London Interbank Offered Rate
See London interbank offered rate (LIBOR). . First Alliance Mortgage Company is the Sponsor and Servicer for this transaction.
First Alliance is a consumer finance company with headquarters in Irvine. The company originates, purchases, sells and services non-conventional mortgages through 23 retail branch offices in the United States and one retail branch office in the United Kingdom.
CONTACT: First Alliance Corp., Irvine
Mark Mason, 714/224-8403
Morgen-Walke Associates Inc.
John Swenson/Doug Sherk, 415/296-7383
David Sasso/Joshua Passman, 212/850-5600